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Frontier Communications to launch $1.5 billion term loan B on Tuesday
By Sara Rosenberg
New York, May 22 – Frontier Communications Corp. will hold a lender call on Tuesday to launch a $1.5 billion seven-year term loan B, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Price talk on the term loan is Libor plus 350 basis points to 375 bps with a 0.75% Libor floor and an original issue discount of 99.5, the source said.
The term loan includes 101 soft call protection for six months.
Proceeds will be used to refinance existing debt.
Frontier is a Norwalk, Conn.-based provider of communications services to urban, suburban and rural communities.
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